If you’re in the market for a business aircraft, you understand how tricky it can be. Getting an aircraft isn’t something to take lightly since it’s a significant investment you need to be prepared for. In this blog post, we’ll guide you through some of the things you should consider to make a smart decision; keep reading!
8 Things to Consider When Buying a Business Aircraft
1) Choose the airplane based on needs rather than wants
When looking for a business airplane, you have to find something you need, not something you want. There are many different aircraft out there, and it can be tempting to choose a flashy one. However, you must ensure that your chosen airplane meets your business’s specific needs.
2) Don’t get emotionally involved in the transaction
Being objective is essential in this situation. You don’t want to get emotionally attached to the transaction and make a decision you might regret later on. Make sure you take the time to research all your options and choose the airplane that best suits your needs.
3) Hire professionals to assist you with the transaction
Professionals will be able to help you get the best financing options and make sure that you’re getting the best deal possible. They’ll also be able to help you with the paperwork and ensure that the transaction goes smoothly.
4) It is essential to have a pre-buy inspection
It’s important to have a pre-buy inspection before buying an aircraft; this will help you understand the costs of owning and operating the plane. The inspection will also help you identify any potential issues with the aircraft.
5) Understanding all the acquisition and maintenance costs
Every plane’s maintenance costs are different, so it’s essential to do your research and determine the costs. You don’t want to be surprised by the cost of maintaining the plane after you have purchased it. Talk with professionals and get an estimate of the costs involved.
6) Respond to your financial advisors with your input promptly
By responding quickly, you can avoid any time delays that could affect your purchase. Make sure that you have all of the information you need so you can make an informed decision. You should also ask your financial advisor about the tax implications of buying an aircraft.
7) Fully understand your insurance liability limits
Talk to an insurance broker about your coverage; this way, you’ll know what your limits are and what you’re protected from. If something happens and you need to file a claim, it’ll be much easier if you know what’s going on. Your lender will also want to make sure you’re fully covered in case of an accident.
You should know that most loan documents require proof of proper coverage. If you don’t follow their requirements for international travel, you might be in danger of defaulting on your loan agreement.
8) Don’t delay in applying for financing
Many businesses will wait to see if they’re approved for an aircraft purchase before applying for financing, but this can be a mistake. Getting pre-approved for an aircraft loan is crucial so you know exactly how much you can afford to spend on your new plane.
AirFleet Capital Provides The Most Effective Aviation Finance Options In The Industry
At AirFleet Capital, we provide trustworthy aircraft finance solutions. We have 20 years of experience in the aviation industry and count on a team of experts ready to help you find the right financing option for your needs.
Our aircraft loans are flexible and can be tailored to fit your budget. We also offer competitive rates and terms to get the most out of your loan. If you’re interested in purchasing an aircraft for your business, contact us today!